• Health Policy and Management
• /
• v.16 no.4
• /
• pp.24-47
• /
• 2006

Based on the findings of a study focused on medical institutions(Fama & French, 2002), this study determined possible causality between determinants of capital structure and liability level, while estimating targeted debt ratio. Moreover, it also examined hypotheses about the adjustment of targeted debt ratio and the of fundraising patterns, so that it verified the relative priority of trade-off theory and pecking order theory. First, profitability had positive(+) relationships with liability level, while investment opportunities had negative(-) relationships with liability level. This finding supported pecking order theory, and non-liability tax shield effects had negative(-) relationships with liability level as estimated in both trade-off theory and pecking order theory. Next, this study verified trade-off and pecking order theory at once by means of regression analysis about the variation of liability level in associations with disparity from targeted debt ratio and short-term fluctuation of profit and investment. As a result, it was noted that liability level became mean-reversed to targeted liability ratio but slowly, SO it was difficult to assert that such mean reverse may support trade-off theory. However, the finding that most of short-term fluctuations of profit and investment are absorbed into liabilities supported pecking order theory. On the other hand, it was found that the larger scale of medical institutions is more supportive of pecking order theory in the associations between liability level and profitability and the fundraising patterns than trade-off theory.

• KDI Journal of Economic Policy
• /
• v.42 no.4
• /
• pp.91-116
• /
• 2020

As a project appraisal tool, the preliminary feasibility study (PFS) has contributed to enhancing the efficiency of public investment decision-making in the Republic of Korea over the last two decades. To overcome the limitations of the efficiency-oriented cost-benefit analysis, the PFS accommodates equity concerns among regions, namely balanced regional development (BRD) analysis. This study attempts to gauge the contributions of BRD analysis to PFS results. Specifically, it addresses how effectively policy efforts to promote decision-making have been implemented in the PFS stage while also considering the balance between equity and efficiency in terms of the trade-off between them, the degree to which they influence the results, and whether the consideration of equity is in fact actually reflected in seriously underdeveloped regions as intended. The study finds that the PFS results over the last two decades have been largely in line with the background and policy objectives. Based on the findings of the study, needs for institutional improvement are suggested, including enhancements in the analysis of regional economic ripple effects and taking into account the psychological factors pertaining to the evaluators in the overall judgment.

• Korean System Dynamics Review
• /
• v.12 no.2
• /
• pp.127-151
• /
• 2011

The purpose of this study is to examine measures to improve government's supply oriented housing policy in population declining cities. For this purpose, system dynamics simulation method was used to build urban-housing model and different sets of housing policies were tested to see their impact on local housing problems. Simulation result shows that there is no best set of housing policies that can solve all housing problems in population declining cities. It also indicates that housing policy that solve one type of problems can worsen other type of problems. Housing policy that increases population size has negative effect of housing oversupply. It also increases proportion of old houses in population declining cities. However, housing policy that makes city younger with newer houses tends to increase housing shortage and housing price. So, policy choice needs to be made with clear understanding of trade off between different policies. The result also shows it is difficult to expect a full scale effect of housing policy on local housing problems unless it is executed with regional economic development policy because local housing problems are so closely related with local economic problem in population declining local cities.

• Journal of Ecology and Environment
• /
• v.36 no.1
• /
• pp.1-9
• /
• 2013

In South Korea, the conflict between development and conservation policy still exist among government ministries, and conventional development plan often has priority over conservation policy. Establishment of sustainable development and comprehensive management policy employing the results of ecosystem service studies are highly warranted, but researchers in South Korea are still limited and often misuse the concept of ecosystem services. Thus, we aimed to introduce the concept of Ecosystem Service (ES) and related terminologies such as Social-Ecological Systems (SESs), ecosystem function, trade-off, and human well-being in this paper. Additionally, this article reviewed and arranged key approaches in ES studies as follows: 1) field works, 2) mapping ecosystem services, 3) valuing ES, 4) quantifying trade-offs between ES and 5) understanding SESs. Based on those results, we suggest that field works for basic information have the first priority to be conducted among ES studies. Once basic information is sufficiently accumulated, researchers can perform applied ES research with accuracy. Finally, results of ES studies conducted by five approaches allow decision makers to consider both natural system and society simultaneously, and hence the results can be utilized for sustainable development and conservation policy based on ecosystem-based management.

• Journal of Preventive Medicine and Public Health
• /
• v.36 no.2
• /
• pp.163-170
• /
• 2003

Objectives : This study aimed to develop an evaluation protocol of disability weights using person trade-off, and to test the reliability of the developed protocol in a Korean context. Methods : To develop the valuation protocol, the Global Burden of Disease(GBD) and the Dutch studies were replicated and modified. Sixteen indicator conditions were selected from the Korean version of disease classification, which was based on that of the GBD Study, and the person trade-off method referred to the Dutch method. Results : The disability weights were valued in a two step panel sfudy. The first step was a carefully designed group process by three panels, using person trade-off to establish the disability weights for sixteen selected indicator conditions. The second step consisted of interpolation of the remaining diseases, on a disability scale, by the individual members of three panels. The members of three panels were all medical doctors, with sufficient knowledge of the consequences of a broad variety of diseases. The internal consistency of the Korean disability weights was satisfactory. Considerable agreement existed within each panel and among the panels. Conclusions : It was feasible to use a modified evaluation protocol from those used in GBD and Dutch studies, This would provide a rational basis for an international comparative study of disability weights.

• East Asian Economic Review
• /
• v.22 no.2
• /
• pp.177-215
• /
• 2018

Trump's withdrawal from the Trans-Pacific Partnership (TPP) and his "America First" trade agenda ignite a second round of interest in mega-free trade agreements in the Asia-Pacific. Countries are evaluating alternative trade policy actions in a post-TPP era. Using national real GDP gains estimated by a modified GTAP model to construct "preference ordering" for 10 Association of Southeast Asian Nations members and their six regional dialogue partners, this paper comes up with several policy-oriented findings. First, when multilateral agreements are not possible, countries are better off with a regional trading agreement than without one. Second, the Regional Comprehensive Economic Partnership is likely to have higher beneficial impacts than the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Third, for dual-track countries, implementing both agreements is better than each separately. Fourth, impacts of open regionalism are likely to be higher than those of a closed and reciprocal one. Going forward, this paper argues that countries should adopt a "multi-track, multi-stage" approach to trade policy.

• Journal of Distribution Science
• /
• v.15 no.11
• /
• pp.41-48
• /
• 2017

Purpose - Capital structure adjustment costs influence the test of the standard trade-off theory of capital structure. We investigate whether there exist economically significant capital adjustment costs in the Korean retail industry. Research design, data, and methodology - This paper adopts the model of Leary and Roberts(2005) to obtain the hazard rate of capital structure variations. The retail firms traded in the KOSPI and KOSDAQ markets are analyzed from 2000 to 2016. Results - The empirical analysis shows infrequent capital structure adjustments in the Korean retail firms. The duration analysis emphasizes that the fixed adjustment cost plays an important role in the determination of capital structure adjustments for the Korean retail firms. Yet, even after taking account of infrequent capital structure adjustments, the trade off theory only weakly explains the capital structure variations of the Korean retail firms. Conclusions - This paper confirms the existence of capital structure adjustment costs for the Korean retail firms. Our results argue for the significance of fixed adjustment costs in capital structure adjustments. Such emphasis on the fixed cost is inconsistent with the existing studies. The trade off theory does not successfully explain capital structure policy in the Korean retail firms even after considering adjustment costs.

• Journal of the Korea Society of Computer and Information
• /
• v.12 no.5
• /
• pp.273-284
• /
• 2007

This paper studies a periodic review inventory model with an e-MarketPlace transaction in reconfigurable manufacturing system(RMS). A decision maker can expand/reduce production capacity/quantities and/or replenish/dispose inventories from/to e-MarketPlace urgently to satisfy the stochastic demands. If inventories are replenished or disposed through e-MarketPlace, this leadtime is shorter than the production leadtime, but unit purchasing or selling cost is more expensive than that of expanding capacity or reducing production quantities respectively. Henceforth, trade-off on these alternatives is considered. In addition to this, in order to consider the economy of scale, our model includes the fixed cost for purchasing from e-MarketPlace and capacity expansion. We use dynamic programming and K convexity methods to characterize the nature of the optimal policy. Finally, We present the optimal inventory control policy which is composed by the combinations of a base stock and (s,S) type policy.

• 대한예방의학회:학술대회논문집
• /
• 2002.10a
• /
• pp.324-325
• /
• 2002

• Journal of Information Technology Services
• /
• v.21 no.5
• /
• pp.15-28
• /
• 2022

Recently, government agencies are actively adopting the platform model as a means of public policy. However, existing studies on the public platform are minimal and have focused on user experiences or the possibility of public usage of the platform model. Now the research concerning building governance structure and utilizing network effects of the platform after adopting the platform model in the public sector is keenly required. This study intended to ignite academic dialogue on the governance of public platforms in the context of digital transformation. This study focused on a case of the 'Special delivery,' a public delivery app established by Gyeonggi-do. In order to analyze the characteristics of the public platform and its governance structure, data were collected from press releases, policy reports, and news articles. Data was analyzed using the frame of Hagui's platform design factors and Ansell & Gash's collaborative governance model. The results of the public platform analyses showed 1) incompleteness in the value trade-off accounting, which was designed for platform business based on general cost-benefit analysis, and 2) a closed governance structure that limits direct participation of diverse user groups(i.e., service provider, customer) in order to enhance providers' utility by preventing customers' excessive online activities. The results of this study provided theoretical and policy implications regarding designing the strategy for accounting for value trade-offs and functioning governance structure for public platforms.